Description

BSE updates the list of securities under Long Term Additional Surveillance Measure framework, including additions, stage movements, and removals effective December 26, 2025.

Summary

BSE has issued updates to the Long Term Additional Surveillance Measure (LT-ASM) Framework effective December 26, 2025. Two new securities have been added to the framework, one security has been moved to a higher ASM stage, and one security is being removed from the LT-ASM framework. The circular provides comprehensive annexures listing all affected securities and a consolidated list of all securities currently under various ASM stages.

Key Points

  • 2 new securities shortlisted in Long Term ASM Framework: Cupid Breweries And Distilleries Ltd (512361) and West Leisure Resorts Ltd (538382)
  • Espire Hospitality Limited (532016) moves from current stage to Stage II ASM
  • CDG Petchem Ltd (534796) is moving out of Long Term ASM Framework
  • Changes take effect from December 26, 2025
  • Consolidated list includes securities across ASM Stages I, II, and IV
  • No securities are moving to lower ASM stages or direct Stage IV in this update

Regulatory Changes

The Long Term ASM Framework is a surveillance mechanism designed to alert investors about securities that have witnessed unusual price movements. Securities under this framework are subject to additional trading restrictions and surveillance measures. The framework operates in multiple stages (I, II, IV) with increasing levels of restrictions at higher stages.

Compliance Requirements

  • Trading members must take note of the revised LT-ASM list effective December 26, 2025
  • Securities in LT-ASM framework are subject to specific trading conditions including price bands, periodic call auctions, and trade-for-trade settlement
  • Investors trading in these securities should be aware of the enhanced surveillance and associated restrictions
  • Members must ensure compliance with all applicable LT-ASM framework conditions for affected securities

Important Dates

  • Effective Date: December 26, 2025 - All changes to LT-ASM framework take effect

Impact Assessment

Market Impact: The addition of two new securities and movement of one security to higher surveillance stage will result in increased trading restrictions for these stocks. This may lead to reduced liquidity and higher volatility in affected securities. The removal of CDG Petchem Ltd from the framework provides relief from surveillance restrictions.

Investor Impact: Investors holding or trading in the newly added securities (Cupid Breweries, West Leisure Resorts) and Espire Hospitality Limited will face stricter trading conditions including potential trade-for-trade settlement and reduced price bands.

Operational Impact: Trading members will need to update their systems and risk management frameworks to account for the revised LT-ASM list and ensure proper handling of trades in affected securities.

Impact Justification

Affects trading conditions for specific securities under surveillance framework but limited to a small set of stocks